Donald Trump announced he has reached a deal to temporarily ease tariffs on beef imports in an effort to reduce high food prices ahead of November’s midterm elections. In a social media post, the president stated that up to 300,000 tonnes of ground beef imports would be allowed tariff-free for 90 days, with foreign producers offering a 25% price discount. A White House official confirmed the administration would remove out-of-quota tariffs on beef trimmings in exchange for these discounts. Cattle futures dropped sharply, with October live cattle falling 1.9% to $2.14 per pound in Chicago trading.

The announcement drew criticism from agricultural groups. Colin Woodall, CEO of the National Cattlemen’s Beef Association, expressed disappointment, arguing that flooding the market with subsidized foreign beef undermines domestic ranchers. Marjorie Taylor Greene, a Republican congresswoman, accused Trump of prioritizing foreign beef over American producers.

Agricultural economist Darin Newsom viewed the move as politically motivated, noting the timing ahead of the election. The lack of details about which countries or companies are involved fueled market skepticism. Despite the backlash, the agriculture department stated the plan reflects Trump’s commitment to lowering grocery costs.